Tag Archives: Mortgage Bankers Association (MBA)

Mortgage rates fell for the second consecutive week, spurring a jump in mortgage apps at the outset of the spring homebuying season.

The dip in mortgage rates has kicked the spring homebuying season off on the right foot, as the MBA reports overall app volume on the rise for the third straight week, amid uncertainty over the health of the banking sector.

“For the third consecutive quarter, the average pre-tax net production income was in the red, reaching a new survey low of 99 basis points of loss in the final three months of 2022,” said Marina Walsh, CMB, MBA’s VP of Industry Analysis.

In a week of turmoil in the economic markets as the FDIC was named receiver of two banks, Freddie Mac reported the fixed-rate mortgage retreated 13 basis points, ending a five-week run of increases.

The MBA reports that purchase applications increased for the second straight week but remained nearly 40% below last year’s pace, amid news of continued economic instability and several bank closures.

With the market still hampered by high mortgage rates and tight supply, MReport asks a panel of experts if the spring/summer 2023 housing market will bring homebuyers back off the sidelines.

Mortgage rates continued their upward trajectory, with potential buyers facing affordability and low inventory issues as the spring home buying season begins to ramp up.

After three weeks of consecutive declines, mortgage application volume took a sudden turn upward this week, despite mortgage rates nearing the 7% mark.

Continued economic growth and a rise in inflation have helped push mortgage rates up for the fourth consecutive week, making it difficult for potential buyers to jump into the purchase market.

Overall mortgage application volume fell 5.7% week-over-week, with homebuyers again retreating to the sidelines as a spike in mortgage rates hampered affordability.